CORPORATION BANK vs GAURAV RASTOGI AND OTHERS on 15 September 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 12.06.2018 before DRT-III, Delhi and then transferred sd/

to DRT-I, Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.34,78,567/- (Rupees Thirty Four lacs Seventy Eight thousand Five hundred Sixty Seven only) as on 10.04.2018 together with pendentelite and future interest @10.75% per annum with monthly rests (including penal interest @2%) from the date of filing of this application till the date of realization and costs. Further, the name of Sh.Mukesh Goyal was substituted as authorized representative in place of erstwhile AR for the applicant bank.

2. The brief facts of the case are that on the request of defendant no.1 and 2 as co-borrowers vide their housing loan application dated 29.10.2016 along with KYC documents and allotment letter dated 22.10.2016, the applicant bank sanctioned housing loan facility of Rs.38,00,000/- (Rupees Thirty Eight lacs only) on 03.11.2016 @9.55% interest per annum to be repayable in 240 EMIs of Rs.36,179/- in order to purchase under construction Unit No.C-1405, 14^th Floor, admeasuring 1425 sq.ft., Tower C, Newtech La Palacia, Plot no.GH-09A, Tech Zone-IV, Greater Noida (West), UP. Out of sanction amount of Rs.38.00 lacs, the defendant no.1 availed an amount of Rs.32,01,988/-. In case of default in repayment of interest or installments, the defendant agreed to pay @2% penal interest over the agreed rate of interest to the applicant bank.

3. That in order to avail the housing loan facility, the defendant no.1 & 2 submitted loan application dated 29.10.2016 and Allotment-cum-Buyer Agreement dated 22.10.2016 with relevant documents and executed Sanction Letter, Agreement for Term Loan, Letter of Undertaking /

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Declaration, General Power of Attorney, Irrevocable General Power of Attorney, Disbursement Request, Affidavit all dated 09.11.2016, Permission Letter dated 05.11.2016, Noting of Lien Letter both by defendant no.3 in favour of applicant bank. The defendants executed Tripartite Agreement with applicant bank on 09.11.2016.

4. That in order to secure the housing loan facility, the defendant No.1 created equitable mortgage of Unit No.C-1405, 14^th Floor, admeasuring 1425 sq.ft., Tower C, Newtech La Palacia, Plot no.GH-09A, Tech Zone-IV, Greater Noida (West), UP, by executing Memorandum of Deposit of Title Deeds (Form ID 12010) on 09.11.2016 towards the applicant bank on the basis for permission to create mortgage issued by defendant no.3.

5. The defendant no.3 entered into Tripartite Agreement on 09.11.2016 with defendant no.1 and bank, agreed not to deliver the possession or cancel the booking and marked lien in records. Further, the defendant no.3 agreed to handover the original registered sub-lease / sale deed directly to the bank for creation of equitable mortgage.

6. It has been submitted by the applicant bank that after availing the housing loan facility, the defendants miserably failed and neglected to pay the interest and installments in the account as per terms and conditions despite various notices and reminders. Due to non-repayment of installments, account became irregular and applicant bank classified the account as NPA on 31.12.2017 as per RBI guidelines and issued legal notice dated 18.05.2018 but no response by the defendants, hence the applicant bank approached this Tribunal for recovery of its dues.

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7. Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 04.12.2023, the defendants have been proceeded ex-parte as not appeared before the Tribunal and even no written statement, evidence and affidavit of assets have been filed by the defendants.

8. In order to prove its case, the applicant bank has filed the documents such as General Power of Attorney of AR, Loan Application, Sanction Letter, Tripartite Agreement, Agreement for Term Loan, Irrevocable General Power of Attorney, Letter of Undertaking / Declaration, Request for Disbursement, Allotment-cum-Buyer Agreement, Permission to Mortgage, Memorandum of Deposit of Title Deeds, Legal Notice, Statement of housing loan account duly certified under Bankers' Book Evidence Act marked as Page no.1 to 83.

9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.34,78,567/- (Rupees Thirty Four lacs Seventy Eight thousand Five hundred Sixty Seven only) as on 10.04.2018 @10.75% interest per annum with monthly rests from 10.04.2018 till the date of realization and costs, failing which the aforesaid amount shall be recovered from sale of mortgaged Unit No.C-1405, 14^th Floor, admeasuring 1425 sq.ft., Tower C, Newtech La Palacia, Plot no.GH-09A, Tech Zone-IV, Greater Noida (West), UP. In case of shortfall, the same shall be recovered from sale of movable and immovable properties of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 13.11.2026.

(IV) Copies of final order as well as Recovery Certificate are to be sent to all concerned free of cost.

*Sd-* **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated and pronounced in open court)

Dated: 15.09.2026